Hays, KS Housing Market

Market Overview

Hays, Kansas holds a PropertyIQ Score of 75 out of 100, indicating a moderately solid housing market rather than a weak or overheated one. The score is driven by 12-month home value momentum of 7.68%, median days on market of 53 days, and a 13.8% share of listings with a price cut. At the same time, 3-month home value momentum is -0.55%, and the year-over-year median home value change is -$2, suggesting recent price growth has stalled. Compared with Kansas benchmarks, Hays is close on home values—$246,245 versus the state average of $250,918—but its median household income of $59,889 is well below the state average of $72,639. The rent index of $915 is also below the state average of $1,029, while unemployment matches the state rate at 3.8%.

This mix points to a moderate market with stable employment and lower costs than the state average, but with less purchasing power than statewide income levels would suggest. With 84 homes for sale and a median of 53 days on market, Hays does not appear to be in a sharp downturn, but the 13.8% of listings with a price cut gives buyers some negotiating room. Overall, the 75/100 score reflects a market that is steady but cooling from its stronger 12-month momentum.

Key Trends

One trend is mixed price movement. The 12-month home value momentum of 7.68% shows appreciation over the past year, but the 3-month momentum of -0.55% and the year-over-year median home value change of -$2 point to recent flattening or slight cooling. This suggests the strongest gains may have come earlier in the 12-month period.

Affordability is also mixed. Hays’ median home value of $246,245 is $4,673 below the state average, and its rent index of $915 is $114 below the state average. However, median household income is $59,889, which is $12,750 below the state average of $72,639. Lower prices and rents are partly offset by lower local incomes.

Inventory and market pace show balance. With 84 homes for sale and median days on market at 53 days, the market is not moving extremely fast. The 13.8% share of listings with a price cut indicates some seller flexibility, but not widespread discounting. This supports a balanced to mildly buyer-friendly environment.

Finally, employment is stable. The unemployment rate of 3.8% matches the state average, which should support housing demand. Population growth data is not available, so demographic-driven demand cannot be assessed.

Who Is This Market For

This market is best suited to first-time buyers and budget-conscious households looking for a median home price below the state average. At $246,245, Hays is slightly more affordable than the Kansas median of $250,918, and the lower rent index of $915 may make buying more attractive compared with renting for some local residents. However, local incomes are also lower, so buyers should consider their individual budgets.

Long-term rental investors may also find value in the lower entry price and stable employment base. The rent index of $915 is below the state average of $1,029, which suggests lower rental revenue potential, but the lower median home value may help offset that. With median days on market at 53 days and 13.8% of listings taking price cuts, investors and owner-occupants may have room to negotiate.

Move-up buyers or those seeking rapid appreciation are less supported by this data. The 3-month momentum of -0.55% and the essentially flat year-over-year change of -$2 do not point to strong short-term equity gains. Hays is more about relative affordability and steady employment than fast price growth.

Outlook

The near-term outlook for Hays is stable but subdued. The 12-month momentum of 7.68% shows prior strength, but the 3-month momentum of -0.55% and the flat year-over-year change of -$2 suggest cooling. With 84 homes for sale, a median of 53 days on market, and 13.8% of listings with price cuts, supply and demand appear balanced enough to keep prices from rising sharply. The unemployment rate of 3.8% should provide a steady base of demand, but the absence of population growth data makes it hard to expect a surge in new buyers. Overall, the data supports a moderate, balanced market with modest price movement in the near term.